OFAC sanctions persons linked to illicit gold trade in Congo

Financial Crimes Department of Treasury OFAC Of Interest to Non-US Persons SDN List OFAC Sanctions OFAC Designations Congo

On March 17, the U.S. Treasury’ Department's Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13413, as amended by E.O. 13671, against an individual who operates an illicit gold trade in Uganda, as well as companies in the UAE, and a network of companies involved in the illicit gold trade from the Democratic Republic of the Congo (DRC). According to OFAC, the illegal gold trading “provides revenue to armed groups that threaten the peace, security, and stability of the DRC.” As a result of the sanctions, all property and interests in property belonging to the sanctioned persons, and “any entities that are owned, directly or indirectly, 50 percent or more” by them that are subject to U.S. jurisdiction are blocked and must be reported to OFAC. OFAC noted that its regulations generally prohibit U.S. persons from participating in transactions with these individual and entities unless authorized by a general or specific license.